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Councilmember Elvig introduced the following resolution and moved for its adoption: <br />RESOLUTION #09-03-055 <br />A RESOLUTION APPROVING A SETTLEMENT AGREEMENT WITH MINNWEST <br />CENTRAL BANK SETTLING THAT CERTAIN ANOKA COUNTY LAWSUIT ENTITLED <br />CITY OF RAMSEY YS. MINNWEST CENTRAL BANK. <br />WHEREAS, in 2003 the City approved the plat of Ramsey Town Center Addition ("RTC <br />Plat"); and <br />WHEREAS, after approval of the RTC Plat certain events occurred which created practical <br />and legal difficulties for the further development of the RTC Plat; and <br />WHEREAS, as a result of the various issues relating to the development of the RTC Plat the <br />City commenced a Declaratory Judgment action known as City of Ramsey vs. Minnwest Central <br />Bank, Anoka County District Court File No. 02-CV-07-2643; and <br />WHEREAS, after considerable negotiation and discussion including several closed <br />attorney/client meetings with its attorneys, the City Council and Minnwest Bank Central have agreed <br />upon certain settlement terms as described below. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: <br />1) The Settlement Agreement attached hereto and reviewed by the Ramsey City Council at its <br />special meeting on March 17, 2009 is incorporated herein and is hereby conditionally <br />approved. The Mayor and City Administrator are authorized to execute said Settlement <br />Agreement contingent on the following: <br />a. The approval by the City's HRA of the purchase agreement referenced in the <br />Settlement Agreement and attached hereto as Exhibit B for the purchase by the City <br />of certain lands in Ramsey Town Center Addition from Minnwest Central Bank as <br />described in the purchase agreement. <br />b. Delivery to the City by Minnwest Central Bank of a1125 participating banks executed <br />Consent to Settlement Agreement and Release Forms. <br />c. Agreement between the City Attorney and Minnwest Bank Central's attorney as to <br />the form of the required Stipulation of Dismissal attached as Exhibit "F" to the <br />Settlement Agreement. <br />2) FURTHER RESOLVED that the City Council approves and authorizes the Mayor and City <br />Administrator to sign the Consent to Settlement Agreement and Release with the Participant <br />Banks, contingent upon a., b., and c. above. <br />3) FURTHER RESOLVED that the City Council approves and authorizes the Mayor and City <br />Administrator to sign the Release Agreement with Ramsey Town Center contingent upon a., <br />b., and c. above. <br />4) FUTHER RESOLVED that the City Council delegates authority to the Mayor, Acting <br />Mayor and Councilmember Dehen to authorize execution of the final settlement documents <br />